Rightmove

Last updated

Rightmove plc
Formerly
  • Rightmove Group Limited (14–29 November 2007)
  • Rightmove Group plc (2007–2008) [1]
Company type Public
LSE:  RMV
FTSE 100 component
Industry Internet & Real Estate
Founded2000
Headquarters Milton Keynes, England, UK [1]
Key people
Andrew Fisher (Chair)
Johan Svanstrom (CEO)
RevenueIncrease2.svg £364.3 million (2023) [2]
Increase2.svg £258.0 million (2023) [2]
Increase2.svg £199.2 million (2023) [2]
Website rightmove.co.uk

Rightmove plc is a British company which runs rightmove.co.uk, the UK's largest online real estate property portal. [3] Rightmove is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Contents

History

Rightmove was incorporated on 16 May 2000 and it launched its website, rightmove.co.uk, in July 2000. Rightmove's founding shareholders were Countrywide plc, Halifax, Royal & Sun Alliance and Connells. [4]

Rightmove was first listed on the London Stock Exchange on 15 March 2006 at which time it became Rightmove plc. [5]

In 2007 Rightmove bought 67% of Holiday Lettings Limited. [6] In May 2008, HBOS, one of the founding investors, sold its stake in Rightmove. [7] According to Forbes, Rightmove operates on a two-sided model which serves a vast "audience" for property listings on one side and 20,000 advertisers of available properties on the other side. [8]

Peter Brooks-Johnson, who joined Rightmove in 2006, became chief operating officer in 2013 and was promoted to chief executive officer in 2017. [9]

In May 2016, Rightmove was ranked as the world’s most innovative company by Forbes. [10] In August 2016, the company acquired The Outside View, a London based predictive analytics company. [11]

In June 2018, the Rightmove tenant Passport was launched. [12]

In July 2019, the company acquired Van Mildert, which provides tenant referencing services and rent guarantee insurance products. [13]

In November 2019, the company announced the appointment of Andrew Fisher as its Chairman, succeeding Scott Forbes who was in the role for over 14 years. [14] [15]

Johan Svanström, a former chief executive of travel booking website Expedia and McDonald's became chief executive officer in February 2023. [16] [17] His appointment followed the resignation of Peter Brooks-Johnson in May 2022. [18]

In September 2024, Rightmove turned down a £5.6 billion takeover offer from the Murdoch family, describing it as "opportunistic" and stating that it undervalued the company. The bid, presented by REA Group, offered 705p per share, representing a 27% premium. REA has until 30 September 2024 to either submit a formal offer or withdraw. The offer came as Rightmove faced difficulties in the property market and aligned with the Murdoch family’s efforts to expand beyond traditional media. [19]

Operations

Rightmove makes money from listing estate agents on its website and offering additional advertising products to those agents. The ads are visible to users who search for the area chosen by the estate agent. Individuals selling property privately (i.e. directly without an agent) are prohibited from advertising on the site. Each month, Rightmove release a House Price Index, illustrating any changes in the asking prices of houses throughout England and Wales. [20]

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References

  1. 1 2 "RIGHTMOVE PLC overview - Find and update company information - GOV.UK". Companies House . 14 November 2007. Retrieved 22 January 2024.
  2. 1 2 3 "Preliminary Results 2023" (PDF). Retrieved 1 March 2024.
  3. ↑ "Rightmove profits rise as more agents move their homes online – UK's largest property listings website boosts customer count and number of listings". The Financial Times. 23 February 2018. Retrieved 30 August 2018.
  4. ↑ "Rightmove shares crash as CEO to step down after 16 years". Yahoo News. 9 May 2022. Retrieved 15 February 2023.
  5. ↑ The Financial Times (10 March 2006). "Pricing of IPO values Company at £425m". Archived from the original on 1 September 2011. Retrieved 4 May 2009.
  6. ↑ "Rightmove acquires majority stake in holidaylettings.co.uk". Mortgage Strategy. 28 March 2007. Retrieved 15 February 2023.
  7. ↑ The Independent (17 May 2008). "HBOS sells stake in Rightmove". Independent.co.uk . Retrieved 17 May 2008.
  8. ↑ Gregersen, Hal. "Behind Rightmove's Extraordinary Growth". Forbes. Retrieved 12 October 2017.
  9. ↑ "Rightmove shares wobble as CEO reveals exit plan". The Negotiator. 9 May 2022. Retrieved 28 July 2023.
  10. ↑ "Top 25 Most Innovative Growth Companies 2016". Forbes. 26 May 2016.
  11. ↑ "Rightmove Acquires The Outside View". UK Business Angels Association. 22 August 2016.
  12. ↑ "Rightmove unveils 'Rent Ready Passport' to help pre-qualify tenants for agents". Property Industry Eye. 14 June 2018.
  13. ↑ "Property website Rightmove makes £16m acquisition". Business Cloud. 26 July 2019.
  14. ↑ "Rightmove taps ex-Shazam boss Andrew Fisher as its new chairman". Reuters. 22 November 2019. Retrieved 18 May 2022.
  15. ↑ "Rightmove appoints former Shazam boss Andrew Fisher as new chairman". belfasttelegraph. ISSN   0307-1235 . Retrieved 18 May 2022.
  16. ↑ "Rightmove looks outside property sector for new CEO". Estate Agent Today. Retrieved 28 June 2023.
  17. ↑ Silva, Marc da (21 October 2022). "EYE NEWSFLASH: Rightmove appoints new CEO". Property Industry Eye. Retrieved 28 June 2023.
  18. ↑ Koilparambil, Aby Jose (9 May 2022). "Rightmove CEO to leave next year, shares fall". Reuters.
  19. ↑ Warrington, James (11 September 2024). "Rightmove rejects Murdochs' 'opportunistic' £5.6bn takeover bid". The Telegraph. Retrieved 11 September 2024.
  20. ↑ Rightmove. "House Price Index". rightmove.co.uk. Retrieved 3 April 2015.

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